Facebook is looking to launch its own brand of cryptocurrency allegedly called “GlobalCoin”, and a major announcement about it is expected later this month. Facebook has been pretty serious about this issue as it has taken discouraging other cryptocurrencies through banning their ads on their website since the start of 2018. What is “GlobalCoin”, what will be done for it and what will be the impact of it on the Crypto Community, we will take a look at it.
GlobalCoin’s Features and The Story Behind It
“GlobalCoin” is still not a confirmed term for the cryptocurrency that has not yet even launched, so we’ll stick to Facebook’s cryptocurrency. Mark Zuckerberg, the founder of Facebook was interested in cryptocurrency since his early days and he was rumored to be the holder of the large holder of bitcoin as well. So, it is natural for a person who developed the supposed face of the internet through college to capitalize on such a gold mine of opportunity in the crypto world.
Almost a year ago, David Marcus, an executive from PayPal was asked to explore opportunities with cryptocurrency and blockchain which has now laid down the groundwork for Facebook’s cryptocurrency and blockchain technology. Facebook has been a little secretive about information getting out but it more or less has been confirmed that this month will be an announcement something related to the Crypto.
Facebook has planned for setting up physical ATM-esque machines for exchange of any currency for the cryptocurrency. Sounds familiar? Yes, this was the same thing tactic employed by many public and private sectors for Bitcoin as well just when it broke a dollar and was getting into the mainstream market. Also, the employees working on this project are alleged to be paid using the same crypto. Talk about innovativeness with clever marketing!
Impact Of A Facebook Crypto
The Facebook Crypto is set to be used on all its applications and web services like Facebook, Messenger, and Whatsapp (obviously Instagram isn’t included in this list). This would let users do transactions on a whole nother level and will be the best tool for mixing of cultures and diversification among communities. Facebook’s notorious reputation will probably be overshadowed by such an achievement. If Facebook pulls this off correctly, this will be a revolution for not only the Crypto World but for the world outside of Crypto as well.